格隆汇10月17日丨松霖科技(603992.SH)公布，公司的全资子公司松霖科技(越南)有限公司(以下简称"越 南松霖")于2024年2月成立，公司现基于下游海外客户市场需求情况评估，拟对越南松霖追加投资3,000 万美元(拟根据项目进度分批投入)，以满足未来生产经营需求。 ...

松霖科技 20251016 摘要 苏林科技第三季度净利润约 6,500 万元，同比下降 34%，但环比增长 38%，业绩逐步改善，降幅收窄。中美关税影响较大，公司积极应对， 布局越南生产基地分散风险。 公司机器人战略布局包括 To B 场景下的自有品牌后勤和护理服务机器 人系统，以及 IDM 模式下的消费级机器人。计划 2025 年 Q4 发布 1.0 版产品，2026 年上半年对外展示产品矩阵，并与养老机构合作。 苏林科技机器人核心优势在于提供一揽子机器人系统方案，通过 IOT 互 联和运营系统提高 B 端客户效率。公司在通用和护理场景、智能厨卫、 美容健康硬件业务中积累技术优势，并收购威迪思加强移动机器人技术。 越南生产基地是公司出海战略关键，一期已完成并爬坡生产，预计 2025 年 Q4 基本达产，二期 2026 年上半年投用。该基地定位清晰，覆 盖全品类产品，旨在应对中美贸易冲突，拓展美国市场。 三季度收入环比改善主要非越南工厂贡献，预计四季度完工达产后收入 将进一步提升。越南基地分两期建设，完全达产后可实现约 2 亿美元产 值和产能。 Q&A 请介绍一下苏林科技的主要业务板块及其发展情况。 苏林科技 ...

Core Viewpoint - Songlin Technology (603992.SH) anticipates a net profit attributable to shareholders of 155 million to 160 million yuan for the first three quarters of 2025, representing a year-on-year decline of 50.11% to 51.67% compared to the same period last year [1] Group 1: Financial Performance - The company's underlying business logic remains unchanged, with major client projects and orders showing steady recovery [1] - The operating performance is improving quarter by quarter, with a quarter-on-quarter net profit growth of 30% to 40% in Q3 [1] - Revenue from the company's main sales regions has declined year-on-year due to the ongoing impact of the international trade environment and macroeconomic conditions [1] Group 2: Strategic Outlook - The company believes that the current external disturbances are short-term impacts [1] - It continues to invest in research and development, market expansion, and overseas base construction as part of its strategic plan to build momentum for future growth [1]

2025 First Three Quarters Performance Forecast [I. Current Period Performance Forecast Overview](index=1&type=section&id=%E4%B8%80%E3%80%81%E6%9C%AC%E6%9C%9F%E4%B8%9A%E7%BB%A9%E9%A2%84%E5%91%8A%E6%83%85%E5%86%B5) The company forecasts a significant year-over-year decline in 2025 Q1-Q3 net profit, with Q3 showing sequential improvement; this forecast is unaudited [1. Performance Forecast Period](index=1&type=section&id=(%E4%B8%80)%20%E4%B8%9A%E7%BB%A9%E9%A2%84%E5%91%8A%E6%9C%9F%E9%97%B4) - The performance forecast period is from January 1, 2025, to September 30, 2025[3](index=3&type=chunk) [2. Performance Forecast Details](index=1&type=section&id=(%E4%BA%8C)%20%E4%B8%9A%E7%BB%A9%E9%A2%84%E5%91%8A%E6%83%85%E5%86%B5) Estimated Performance for 2025 First Three Quarters | Metric | Current Period Estimate (CNY million) | Prior Year Same Period (CNY million) | Year-over-Year Change | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Shareholders of Listed Company | 155.00~160.00 | 320.72 | -51.67%~-50.11% | | Net Profit Attributable to Shareholders of Listed Company After Non-Recurring Items | 123.00~128.00 | 295.79 | -58.42%~-56.73% | [3. Unaudited Performance Statement](index=2&type=section&id=(%E4%B8%89)%20%E6%9C%AC%E6%AC%A1%E6%89%80%E9%A2%84%E8%AE%A1%E7%9A%84%E4%B8%9A%E7%BB%A9%E6%9C%AA%E7%BB%8F%E6%B3%A8%E5%86%8C%E4%BC%9A%E8%AE%A1%E5%B8%88%E5%AE%A1%E8%AE%A1) - The projected performance for this period is unaudited by a certified public accountant[6](index=6&type=chunk) [II. Prior Year Same Period Operating Performance and Financial Status](index=2&type=section&id=%E4%BA%8C%E3%80%81%E4%B8%8A%E5%B9%B4%E5%90%8C%E6%9C%9F%E7%BB%8F%E8%90%A5%E4%B8%9A%E7%BB%A9%E5%92%8C%E8%B4%A2%E5%8A%A1%E7%8A%B6%E5%86%B5) This section provides statutory net profit and EPS data for 2024 Q1-Q3, serving as the benchmark for the current performance forecast Prior Year Same Period (2024 Q1-Q3) Financial Performance | Metric | Amount (CNY million) | | :--- | :--- | | Net Profit Attributable to Parent Company Owners | 320.72 | | Net Profit Attributable to Parent Company Owners After Non-Recurring Items | 295.79 | | Basic Earnings Per Share | 0.79 CNY | [III. Primary Reasons for Current Period Performance Decline](index=2&type=section&id=%E4%B8%89%E3%80%81%E6%9C%AC%E6%9C%9F%E4%B8%9A%E7%BB%A9%E9%A2%84%E5%87%8F%E7%9A%84%E4%B8%BB%E8%A6%81%E5%8E%9F%E5%9B%A0) Revenue declined year-over-year due to international trade and macroeconomic impacts, despite stable business logic; Q3 net profit improved sequentially from strategic investments - Revenue in key sales regions declined year-over-year due to the continuous impact of changes in the international trade environment and macroeconomic conditions[8](index=8&type=chunk) - The company's operating performance improved quarter-over-quarter, with Q3 net profit attributable to parent company owners increasing **30% to 40% sequentially**[8](index=8&type=chunk) - The company continues planned investments in R&D, market expansion, and overseas base construction, accelerating the development of its Vietnam production base, with Vietnam Songlin commencing shipments in June 2025 and entering the capacity ramp-up phase[8](index=8&type=chunk) - The company steadfastly executes its established strategy, continuously increasing R&D investment in robotics, smart health hardware and software, and intelligent kitchen and bathroom products, while accelerating the layout of international intelligent manufacturing bases and actively exploring new markets and customers[8](index=8&type=chunk) [IV. Risk Warning](index=3&type=section&id=%E5%9B%9B%E3%80%81%E9%A3%8E%E9%99%A9%E6%8F%90%E7%A4%BA) This preliminary, unaudited performance forecast is based on financial department estimates; investors should note investment risks, as no major uncertainties are identified - This performance forecast is a preliminary estimate by the finance department and is unaudited by a certified public accountant[10](index=10&type=chunk) - The company has not identified any significant uncertainties affecting the accuracy of this performance forecast[10](index=10&type=chunk) [V. Other Explanatory Matters](index=3&type=section&id=%E4%BA%94%E3%80%81%E5%85%B6%E4%BB%96%E8%AF%B4%E6%98%8E%E4%BA%8B%E9%A1%B9) The forecast data are preliminary; accurate financial figures will be subject to the officially disclosed 2025 Q1-Q3 Report, reminding investors of investment risks - The forecast data are preliminary, and the specific accurate financial figures will be subject to the company's officially disclosed '2025 First Three Quarters Report'[11](index=11&type=chunk)

Core Viewpoint - Songlin Technology (603992.SH) expects a significant decline in net profit for the first three quarters of 2025 compared to the previous year, primarily due to external economic factors, despite a recovery in operational performance [1] Financial Performance - The company anticipates net profit attributable to shareholders to be between 155 million to 160 million yuan, representing a year-on-year decrease of 50.11% to 51.67% [1] - The net profit after deducting non-recurring gains and losses is projected to be between 123 million to 128 million yuan, reflecting a year-on-year decline of 56.73% to 58.42% [1] - In Q3, the net profit attributable to shareholders is expected to grow by 30% to 40% quarter-on-quarter [1] Business Operations - The underlying business logic remains unchanged, with major client projects and orders showing steady recovery [1] - The company is facing a decline in revenue in its main sales regions due to the ongoing impact of the international trade environment and macroeconomic conditions [1] Strategic Initiatives - The company continues to invest in R&D, market expansion, and overseas base construction to build momentum for future growth [1] - The construction of the production base in Vietnam is accelerating, with increased initial expenditure [1] - The Vietnam facility is expected to start shipping by June 2025, entering a phase of capacity ramp-up, which will open new opportunities for the company's international business [1]

Core Insights - The company, Songlin Technology, announced an expected net profit attributable to shareholders of 155 million to 160 million yuan for the first three quarters, representing a year-on-year decline of 51.67% to 50.11% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses is projected to be between 123 million and 128 million yuan, which shows a year-on-year decrease of 58.42% to 56.73% compared to the same period last year [1] Financial Performance - Expected net profit for the first three quarters: 155 million to 160 million yuan [1] - Year-on-year decline in net profit: 51.67% to 50.11% [1] - Expected net profit after deducting non-recurring items: 123 million to 128 million yuan [1] - Year-on-year decline in adjusted net profit: 58.42% to 56.73% [1]

Core Viewpoint - Songlin Technology announced an expected decline in net profit for the first three quarters, indicating significant financial challenges ahead [1] Financial Performance - The company anticipates a net profit attributable to shareholders of 155 million to 160 million yuan, representing a year-on-year decrease of 51.67% to 50.11% [1] - The net profit after deducting non-recurring gains and losses is projected to be between 123 million and 128 million yuan, which reflects a year-on-year decline of 58.42% to 56.73% compared to the same period last year [1]

Core Viewpoint - Songlin Technology (603992) expects a significant decline in net profit for the first three quarters of 2025, projecting a decrease of 50.11% to 51.67% year-on-year [1] Financial Performance - The company anticipates a net profit attributable to shareholders of between 155 million to 160 million yuan for the first three quarters of 2025 [1] - This represents a substantial decline compared to the previous year, indicating potential challenges in financial performance [1] Business Operations - The company has been investing in research and development, market expansion, and overseas base construction as planned [1] - Key customer projects and orders are showing signs of steady recovery, suggesting some positive developments in business operations [1] Market Environment - The company is facing ongoing impacts from the international trade environment and changes in macroeconomic conditions, which have led to a year-on-year decline in revenue from its main sales regions [1]

Core Viewpoint - Songlin Technology (603992.SH) expects a significant decline in net profit for the first three quarters of 2025 compared to the same period last year, primarily due to external economic factors impacting sales [1] Financial Performance - The company anticipates net profit attributable to shareholders to be between 155 million to 160 million yuan, representing a year-on-year decrease of 51.67% to 50.11% [1] - The net profit after deducting non-recurring gains and losses is projected to be between 123 million to 128 million yuan, reflecting a year-on-year decline of 58.42% to 56.73% [1] Business Operations - Despite the profit decline, the underlying business logic remains unchanged, with major customer projects and orders showing steady recovery [1] - The company's operating performance is improving quarter by quarter, with a projected quarter-on-quarter net profit growth of 30% to 40% in Q3 [1] External Factors - The company attributes the current challenges to the ongoing international trade environment and macroeconomic conditions, which have led to a year-on-year revenue decline in key sales regions [1] Strategic Initiatives - The company continues to invest in research and development, market expansion, and overseas base construction to build momentum for future growth [1] - The construction of the Vietnam production base is being accelerated, with increased initial expenditure; shipments from Vietnam are expected to begin in June 2025, entering a capacity ramp-up phase [1]

Core Viewpoint - The home decoration and building materials sector experienced a slight decline, closing at 15,340.56 points with a drop of 0.09% [1] Group 1: Stock Performance - Songlin Technology led the decline in the home decoration and building materials stocks, closing at 29.27 CNY per share with a drop of 4.97% [1] - Del Future followed with a closing price of 5.57 CNY per share, down 3.80% [1] - Meike Home closed at 2.29 CNY per share, down 3.78% [1] - Qisheng Technology was the top gainer in the sector, closing at 19.28 CNY per share with an increase of 9.98% [1] - Filinger closed at 47.00 CNY per share, up 9.15% [1] - *ST Yazhen closed at 37.18 CNY per share, with a rise of 5.00% [1] Group 2: Market Insights - According to a report by Yiou Think Tank, the smart home market in China is expected to exceed 1 trillion CNY by 2025 [1] - Major players in the internet, home appliances, and traditional hardware sectors are increasingly investing in the smart home market, leading to enhanced product supply and technological development [1]